Ortec International Inc has formed a joint venture partnership with Hapto Biotech Inc for the purpose of further developing promising product leads identified through a research collaboration established in September, 2002 between Ortec and Hapto.
The partnership will seek to optimize the combination of peptides (active molecules) found in Hapto's Haptide technology with the properties of Ortec's proprietary collagen biomaterial. The joint venture will evaluate the safety and efficacy of a non-cellular peptide based collagen biomaterial in promoting the attraction and attachment of healthy cells within the patient's body in regenerating new tissue or repairing wounds. It is believed that this advanced biomaterial may have application to the cosmetic, reconstructive orthopedic and dental markets, as well, a company release said.
The joint venture's initial objective will be to produce GMP grade product to be used in biosafety and toxicology studies and clinical evaluation of efficacy at a pilot level. Concurrent with the further development and evaluation of the product, the companies expect to seek licensing opportunities with companies interested in co-developing and commercializing the product for specific indications.
Commenting on the Ortec and Hapto joint venture, Ron Lipstein, vice chairman and chief executive officer of Ortec International, said, "We are pleased that our initial research collaboration with Hapto resulted in a product concept which may have application to a number of significant markets. While we remain very focused on commercializing our lead product, OrCel, being able to leverage our core technology to generate other licensing opportunities applicable to other markets is consistent with our business plan and one which can be value enhancing for Ortec."
Ortec International Inc is a tissue-engineering company involved in the commercialization of a proprietary and patented technology to stimulate the repair and regeneration of human tissue. Hapto Biotech is positioning itself to become a leading technology provider in the field of tissue engineering through the development of fibrin derived platform technologies.